To require the Secretary of the Treasury to mint coins in commemoration of the San Francisco Old Mint.

January 15, 2003

Mrs. FEINSTEIN (for herself and Mrs. BOXER) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

To require the Secretary of the Treasury to mint coins in commemoration of the San Francisco Old Mint.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `San Francisco Old Mint Commemorative Coin Act'.

SEC. 2. FINDINGS.

Congress finds that--

(1) the San Francisco Old Mint played an important role in the history of the Nation;

(2) the San Francisco Old Mint was established to convert miners' gold from the California gold rush into coins;

(3) the San Francisco Old Mint Building was designed by architect A.B. Mullett, who also designed the United States Treasury Building and the Old Executive Office Building;

(4) the solid construction of the San Francisco Old Mint Building enabled it to survive the 1906 San Francisco earthquake and fire, making it the only financial institution that was able to operate immediately after the earthquake and the treasury for disaster relief funds for the city of San Francisco;

(5) coins struck at the San Francisco Old Mint are distinguished by the `S' Mint Mark;

(6) the San Francisco Old Mint is famous for many rare, legendary issues, such as the 1870-S $3 coin, which is valued today at well over $1,000,000; and

(7) the San Francisco Old Mint Commemorative Coin will be the first commemorative coin to honor a mint.

SEC. 3. COIN SPECIFICATIONS.

(a) DENOMINATIONS- In commemoration of the San Francisco Old Mint, the Secretary of the Treasury (in this Act referred to as the `Secretary') shall mint and issue the following coins:

(1) $5 gold coins- Not more than 100,000 $5 coins, each of which shall--

(A) weigh 8.359 grams;

(B) have a diameter of .850 inches; and

(C) contain 90 percent gold and 10 percent alloy.

(2) $1 silver coins- Not more than 500,000 $1 coins, each of which shall--

(A) weigh 26.73 grams;

(B) have a diameter of 1.500 inches; and

(C) contain 90 percent silver and 10 percent alloy.

(b) LEGAL TENDER- The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code.

(c) NUMISMATIC ITEMS- All coins minted under this Act shall be considered to be numismatic items for purposes of section 5134 of title 31, United States Code.

SEC. 4. SOURCES OF BULLION.

The Secretary may obtain gold and silver for minting coins under this Act from any available source.

SEC. 5. DESIGN OF COINS.

(a) DESIGN REQUIREMENTS-

(1) IN GENERAL- The design of the coins minted under this Act shall be emblematic of the San Francisco Old Mint Building, its importance to California and the history of the United States, and its role in rebuilding San Francisco after the 1906 earthquake and fire.

(2) DESIGNATION AND INSCRIPTIONS- Each coin minted under this Act shall contain--

(A) a designation of the value of the coin;

(B) an inscription of the year `2006'; and

(C) inscriptions of the words--

(i) `Liberty';

(ii) `In God We Trust';

(iii) `United States of America'; and

(iv) `E Pluribus Unum'.

(b) SELECTION- The design for the coins minted under this Act shall be--

(1) selected by the Secretary, after consultation with the Commission of Fine Arts and the Board of the San Francisco Museum and Historical Society;

(2) reviewed by the Citizens Commemorative Coin Advisory Committee; and

(3) reviewed by the Board of the San Francisco Museum and Historical Society.

SEC. 6. ISSUANCE OF COINS.

(a) QUALITY OF COINS- Coins minted under this Act shall be issued in uncirculated and proof qualities.

(b) PERIOD FOR ISSUANCE- The Secretary may issue coins minted under this Act only during the period beginning on January 1, 2006, and ending on December 31, 2006.

(c) MINT FACILITY- The coins authorized under this section shall be struck at the San Francisco Mint to the greatest extent possible.

SEC. 7. SALE OF COINS.

(a) SALE PRICE- The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of--

(1) the face value of the coins;

(2) a surcharge in an amount equal to--

(A) $35 per coin for the $5 coin; and

(B) $10 per coin for the $1 coin; and

(3) the per capita cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).

(b) BULK SALES- The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount.

(c) PREPAID ORDERS-

(1) IN GENERAL- The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins.

(2) DISCOUNT- Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount.

SEC. 8. DISTRIBUTION OF SURCHARGES.

(a) IN GENERAL- Subject to section 5134(f) of title 31, United States Code, all proceeds received by the Secretary from any surcharge imposed on the sale of coins issued under this Act shall be paid by the Secretary to the San Francisco Museum and Historical Society.

(b) AUDITS- As a condition of receiving payments under subsection (a), the San Francisco Museum and Historical Society shall be subject to the audit requirements of section 5134(f)(2) of title 31, United States Code.

END